Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. prepare the appropriate journal entries, if requir

Prepare the appropriate journal entries, if required, for the following items: 1) Sold 250,000 shares...

50.1K

Verified Solution

Question

Accounting

Prepare the appropriate journal entries, if required, for the following items:

1) Sold 250,000 shares common stock at $5 cash each, $.01 par value

2) Bought back 1,000 shares of company common stock at $6 a share to use for management incentives etc.

3) Issued 100,000 shares of preferred stock for cash, $0.10 par value, for $30 a share.

4) Company declared a 2 for 1 stock split when there were 2,000,000 shares outstanding

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Basic Math
1.2K views

Test the claim about the population mean, muμ , at the given level of significance using the...

Basic Math
1.2K views

QUESTION (please show your work so that I may understand how to do the problem) thanks...

General Management
1.2K views

Griffin believes he is a sophisticated investor and has the ability to select the best funds...

Physics
1.2K views

A ball of mass M is released from angle 0 as shown and meets a...

Basic Math
1.2K views

Suppose that K is the function that computes how many kilograms are in a pounds....

Algebra
1.2K views

Given v? and v? in a vector space V, let H= Span {v?, v?}. Show...

Accounting
1.2K views

Required: 5. If the company uses a plantwide overhead rate based on direct labor hours,...

Accounting
1.2K views

Lavage Rapide is a Canadian company that owns and operates a large automatic car wash...

Accounting
1.2K views

Cost-Volume-Profit: Break-Even Analysis Using Excel Completing this activity will help you learn to: 1. understand...

Accounting
1.2K views

The comparative balance sheet of Merrick Equipment Co. for December 31,20 Y9 and 20Y8, is...

Finance
1.2K views

Scenario: You are auditing the revenue of XYZ Co. for the year ending 12/31/2020. Total...

Accounting
1.2K views

the primary users of managerial accounting are a. internlal ( mangment ) b. external...